Gilbert buys Greektown Casino

[313WX]

Peppering everything with negativity speaks volume of you. Very disappointing!

Negative or not, it's the truth.

[bailey]

Negative or not, it's the truth.

but it's not the truth. Gilbert, unlike the slumlords that have held much of the distressed landmark property in Detroit for 30 years, is actually doing something with the buildings when he buys them "on the cheap". Look at his purchases, construction going on like crazy and people moving in. Look at the "Z" building going up.

Now, maybe it's all smoke and mirrors and the whole thing will come tumbling down... but you can't deny there is real brick and mortar improvements happening to long derelict or long struggling buildings and Gilbert is the one doing it.

[Danny]

BREAKING NEWS!!

DAN GILBERT BUYS DETROIT!

Now that's a headline as Gilberttown keeps on growing.

[finster]

BREAKING NEWS!!

DAN GILBERT BUYS DETROIT!

Now that's a headline as Gilberttown keeps on growing.

Sounds like a fake headline from 'The Onion' but may be semi-close to the truth afterall. What we are seeing is a unique time in history where many factors have joined together to create a real estate empire:

1. It's Detroit with so many empty skyscrapers just sitting there ripe for the taking.

2. Major real estate downturn so prices are cheap all over.

3. There's always people that make money even in a depression and it's usually the ones that have lots of cash or easy access to it. Gilbert is no different than the people who are snapping up houses all over town because of the ridiculously low prices, figuring they can rent them out or sell them still at a discount and make money.

What can I say, in a town where the Silverdome [[which I assume would cost around 200 million to build today) sells for 650K a little [[or alot) of money goes a long way.

[downtownguy]

Gotta watch that jobs figure. Need to have it morph into jobs of his that STAY downtown,

Why? I moved downtown partially due to the excitement I felt working downtown. I long ago left that employer, but changing jobs several times since then has not changed my desire to keep living downtown. Heck, if the HR door is truly revolving, then that means more people exposed to downtown life. And whether they make their homes down here or not, it means more people with a realistic and hopefully fond experience of working and playing downtown.

[313WX]

but it's not the truth. Gilbert, unlike the slumlords that have held much of the distressed landmark property in Detroit for 30 years, is actually doing something with the buildings when he buys them "on the cheap". Look at his purchases, construction going on like crazy and people moving in. Look at the "Z" building going up.

Now, maybe it's all smoke and mirrors and the whole thing will come tumbling down... but you can't deny there is real brick and mortar improvements happening to long derelict or long struggling buildings and Gilbert is the one doing it.

I didn't say things weren't improving, but he's pretty much on his own in all of his which his true [[and yes, he paying little/nothing for all of this).

If something were to happen to him or his ventures before the momentum can tip the point of self-sustainability, Gilbertown is screwed.

[gthomas]

BREAKING NEWS!!

DAN GILBERT BUYS DETROIT!

Now that's a headline as Gilberttown keeps on growing.

Hahahahahahahaha!!!! Too funny lol, I can only imagine! But sooo true lol!

[southen]

I didn't say things weren't improving, but he's pretty much on his own in all of his which his true [[and yes, he paying little/nothing for all of this).

If something were to happen to him or his ventures before the momentum can tip the point of self-sustainability, Gilbertown is screwed.

penobscot was purchased and looks to be in ok hands, fort shelby was redeveloped, book cadillac, broderick tower, whitney building will soon be redeveloped and downtown residential occupancy is at an extremely high percentage. what is happening downtown may be dominated by gilbert but it definitely isnt all just him. there is a renewed interest in the city and i dont see that waning anytime soon, gilbert or not.

[Gistok]

Here's some interesting statistics... comparing Detroit's 3 Casinos with Gilbert's Cleveland Casino...

MGM [[Nov. 2012) Market share - 42%
Total revenue - $47.8 Million.

MotorCity [[Nov. 2012) Market share - 34%
Total revenue - $38.5 Million

Greektown [[Nov. 2012) Market share - 24%
Total revenue - $26.6 Million

Cleveland [[Dec. 2012) Market Share - 100%
Total revenue - $24.5 Million

[Gistok]

Crain's has just modified their Greektown Casino story...

Gilbert is the [[pending) majority owner... and now wants to buy out the remaining shares of the Casino... to own it completely....

It won't let you link to the story.. so you have to do an online search on...

"Dan Gilbert company aquires majority interest in Greektown Casino"

.... and choose the Crain's link.

[Gistok]

One interesting footnote about Gilbert's Cleveland "Horseshoe Casino"... is that it takes up a corner of Cleveland's massive Terminal Tower complex. And the casino is in the renovated location previously where Higbee's Department Store was located. This is the same Higbee's where several scenes from "A Christmas Story" were actually filmed in the early 1980s... both the store window and Santa scene were filmed where today Gilbert's casino is...